The Loyalist Insurance Group has reported a net income of $2.55 million for the six months ending June 30, 2008, compared with a net loss of $241,542 for the same period in 2007.
Revenue of the company for the six months ending June 30, 2008 was $3.63 million as against $927,151 for the comparable period in 2007.
After eliminating the goodwill of $1.28 million, net sale proceeds were $3.43 million. Commissions and contingent profit commissions were $191,055. Interest income and other income was approximately $15,225 for the first six-month period of 2008.
Total expenses of the company for the period were $355,818. Included in the income tax expense of $721,750 was a provision of $300,000 for current year income taxes and a write down of the future tax asset of $421,750.